A Feature That Distinguishes Economists' Approach to Making Choices Is

question 91

Multiple Choice

A feature that distinguishes economists' approach to making choices is (are) :

• A) assigning opportunity costs a major role in their analyses of choices.
• B) assuming individuals make choices to maximize objectives.
• C) emphasizing that choices are made at the margin.
• D) all of the above.

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Definitions:

Normative Economic Statement

A subjective statement that expresses an opinion or a value judgment about what ought to be, rather than what is.

Can Be Verified

Indicates that a certain piece of information, claim, or data can be checked and confirmed for accuracy or truthfulness.

Positive Economic Statement

An objective statement based on empirical evidence that describes the world as it is. These statements can be tested and validated through observation.

Marginal Tax Rates

The rate at which tax is charged on an additional dollar of income, which can vary based on income levels and tax brackets.